5 Countries That Have the Largest Oil Reserves in the World Heading into 2024

3. Iran

Total oil reserves (in billions of barrels): 208.6

Being among the countries with the highest oil reserves in the world heading into 2024 has enabled Iran to thrive despite being under Western sanctions for several years. Recently, U.S. lawmakers passed a bill furthering sanctions on Iran oil exports, by imposing measures on refineries and ports which deal with petroleum exported from Iran.